Bob, that's the conclusion I'm arriving at in my own amateurish way. I have conventional 60-deg center drills plus 90, 118 & 120 deg spotting drills in my collection. I've been randomly trying different ones in different materials, just as I'm going about machining my parts. My drills are typical 118 point HSS. If I watch the drill very carefully just as its entering the pilot, a 'general' observation is the shallower angle centers will on average have a higher chance of grabbing & displacing the bit over a smidge. Not always, not necessarily the same amount, but on average. What it does for the next 1mm into the hole seems to be a function of drill size, material, speed... all that stuff. Sometimes it will straighten itself out, sometimes I just have to assume its a slightly deviated hole.
The higher angled spotters generally seem to be less of this, all things equal. Again very unscientific. So theory says 118 spotter should be better than 120 but I'm having trouble seeing anything significantly different between them. In fact, almost tending towards 120. Which is maybe good news because 118's seem to be harder to source, so I probably wouldn't re-buy them again.
In terms of the question about power demands going to the big drill right up front vs. progression drilling, totally point valid IMO on many hobby sized machines. Possibly an annular cutter but that doesn't work for blind holes & has depth limits under say 2". I have a 14x40 lathe which has decent power, but I've ran into other issues just gripping the part in the chuck with the axial load without excessive gronking. And teh tailstock sliding back which I think I've solved. So progression drilling is about the only compromise I can see. I treat drilling as a roughing operation anyway, basically the unnecessary evil to make room for a boring bar - LOL
On another note, I had to make some deeper counter-bores for M10 cap screws. I don't have a proper tool that does this, but I sunk in a fine tooth roughing end mill & was amazed at how effortless it was to open up the hole. It had a pilot hole for the bolt shank of course & that may have helped things. the end mil was short & rigid. I'm not sure if this is 'proper' machining but it worked well in this application.